B&G Foods Announces Executive Succession Plan

— CEO Dave Wenner Plans to Retire at Year End —

May 09, 2014 05:00 PM Eastern Daylight Time

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) announced today that David L. Wenner plans to
retire as President and Chief Executive Officer in December 2014,
following the completion of a process to choose his successor. Mr.
Wenner’s retirement will bring to a close a remarkable career of more
than 25 years of continuous service to B&G Foods, including more than 21
years of leadership as President and Chief Executive Officer. Following
his retirement, it is expected that Mr. Wenner will remain on the Board
of Directors.

“Under Dave Wenner’s leadership, B&G Foods has evolved from a small,
regional pickle company to a leading public food company with a diverse
portfolio of iconic brands, net sales quickly approaching $900 million
and an enterprise value in excess of $2.5 billion,” stated Stephen C.
Sherrill, Chairman of the Board of Directors. “Dave’s leadership has
also resulted in tremendous value creation for B&G Foods’ stockholders
in the form of dividends and stock price appreciation. Dave and his
management team, including his long-time Chief Financial Officer, Bob
Cantwell, have built a business with hard work, passion and most
importantly, honesty and integrity. On behalf of the entire Board of
Directors, I express our sincere gratitude to Dave for his invaluable
and devoted service to B&G Foods, and for his innumerable contributions
to B&G Foods during his distinguished tenure as President and
Chief Executive Officer.”

“It has been a unique honor and privilege to lead B&G Foods for all
these years,” Mr. Wenner said. “I have been fortunate to work with an
incredible group of fellow employees and I am proud of what we have
accomplished together. I leave with tremendous confidence in their
abilities and in B&G Foods’ future. As appealing as it is to continue to
be part of this remarkable company, I turn 65 in October. I feel that
this milestone in my life signals the right time to make a change for
myself and my family. After over twenty years of my leadership, it also
seems an appropriate time to transition B&G Foods to new leadership.”

The Board of Directors has appointed a special committee to direct the
transition process. The committee is chaired by Alfred Poe, Chairman of
the Compensation Committee, and also includes Cynthia T. Jamison,
Chairman of the Audit Committee, and Dennis M. Mullen, Chairman of the
Nominating and Governance Committee. The special committee is working
with Herbert Mines Associates, a leading executive recruiting firm, and
will consider both internal and external candidates.

During Mr. Wenner’s tenure as President and Chief Executive Officer, B&G
Foods has had many impressive accomplishments. B&G Foods has:

Through disciplined and strategic acquisitions reinvented itself from
a regional pickle company with three brands and three manufacturing
facilities to a public company with a diverse portfolio of more than
40 brands and seven manufacturing facilities

Transformed its capital structure, operations and cost structure to
position the Company for long-term acquisition and organic growth

Made dividend payments of $335 million since going public in October
2004

Increased the quarterly dividend 60% from $0.21 to $0.34 per share

Increased net sales 94% from $373 million in 2004 to $725 million in
2013

Increased adjusted EBITDA 162% from $70 million in 2004 to $184
million in 2013

Produced total stockholder return (assuming reinvestment of dividends)
over the prior 1-, 3- and 5- year periods ending December 28, 2013 of
27.6%, 178.9% and 711.1%

Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.” The
forward-looking statements contained in this press release include
without limitation statements related to the Company’s net sales and
prospects for long-term acquisition and organic growth. Such
forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of B&G Foods to be materially different from the historical
results or from any future results expressed or implied by such
forward-looking statements. In addition to statements that explicitly
describe such risks and uncertainties readers are urged to consider
statements labeled with the terms “believes,” “belief,” “expects,”
“projects,” “intends,” “anticipates” or “plans” to be uncertain and
forward-looking. The forward-looking statements contained herein are
also subject generally to other risks and uncertainties that are
described from time to time in B&G Foods’ filings with the Securities
and Exchange Commission, including under Item 1A, “Risk Factors” in the
Company’s Annual Report on Form 10-K for fiscal 2013 filed on February
26, 2014.B&G Foods undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.